LME Structure Shifted to Backwardation, Limited Export Offers Heard Intraday [SMM Yangshan Spot Copper]

Published: Jun 3, 2026 13:53

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On June 3, the average warrant price remained flat from the previous trading day at $67/mt (price range $63-71/mt); the average B/L price remained flat from the previous trading day at $68/mt (price range $64-72/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $37/mt (price range $32-42/mt), with quotes referencing cargoes arriving in June and early July.

During the day, the LME structure shifted from Contango to Backwardation. A small number of smelters were heard to plan to export, offering Shanghai bonded delivery premiums around $65-70/mt. Some traders showed purchase willingness, but no deals were heard in the morning session. Early July arrival EQ B/L was offered around $45/mt, QP July, and a small volume of OG B/L was offered around -$10/mt, with no deals heard for either.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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